By now, you have read or heard the U.S. Department of Education’s financial aid ship has suffered another setback.
This year’s financial aid process, already suffering from delays, confusion, and heightened anxiety for students, parents, guardians, and schools, has been hit with another blow.
This week, the U.S. Department of Education announced that they are again delaying the delivery of critical results for ALL completed and filed FAFSAs to ALL schools until mid-March. Initially planned for tomorrow, an error was discovered two weeks ago, affecting the methodology used to calculate eligibility for need-based aid. Reprogramming is needed. The error would jeopardize millions of applicants’ eligibility for institutional, government, and private scholarships if not corrected.
The delay will hamper the ability of Financial Aid Offices to deliver Award Letters to prospective incoming students and families. Award letters are critical to evaluating tuition assistance and your ability to calculate the school’s net cost in the final race to be the right fit. Returning college students are less affected as their information is sent later in the Spring.
What to do while you wait?
- Continue to monitor the status of your Admission Application Requests.
- Please log into your college portals and follow up on information from the Admissions and Financial Aid Office.
- Use the Comparison Spreadsheet provided to track and monitor the net cost of a school based on tuition assistance received to date.
- Attend Accepted Student Day Programs. A day set aside for you and everyone in the family to evaluate a school’s offerings, experience the campus, and meet faculty, coaches, and advisors before making a final decision in mid-April.
- Do not fall prey to scammers promising to help you figure out how to beat the system, increase your eligibility, or get an answer quicker. Call Me.
- Keep the hunt on for private scholarships – time invested = funds awarded
- The Elephant in the Room: The Annual Deposit Day to secure a set in the Fall Freshman class is May 1st (or earlier). Due to all the delays, a school may extend this date to help families make their final selection.
- UPDATE: Monday – February 5th – Reports are coming out that some schools are moving their deposit date to June 1 – As you narrow your list and await word on eligibility for need-based financial check with your schools to determine there specific date!!
You have all worked very hard to reach this point. Be patient with yourself, each other, and the Financial Aid community. They are just as stressed during this time.
If you have questions, need to relieve some stress, and, most importantly, share insights if needed as you make your final “right fit” choice, reach out!!
Tom
Article Updated on February 5th